Even the ultra-wealthy are having to shop in Walmart right now, CEO John Furner says: ‘We’re meeting more of them, they’re buying more’

Americans are reeling from a cost-of-living crisis that’s squeezing even the biggest earners in the country. John Furner, the CEO of Walmart, says that even wealthier shoppers are going to the budget grocery chain as high prices stretch family finances to a breaking point. “We do continue to see the higher-income customers coming to Walmart,” Furner told reporters during the retailer’s annual shareholders’ week in Bentonville, Arkansas, last week. “We’re meeting more of them, they’re buying more, they’re coming more frequently.” Walmart’s lower-income shoppers have shown “more signs of stress” under the current economy, Furner pointed out. And they’re not the only ones being more strategic with their budgeting; more six-figure earners are turning to discount grocery chains as food costs are inflated by spiking oil prices, tariffs, and global trade uncertainty. “That’s really the stress point, is the price of fuel,” the CEO continued. “Hopefully we see some relief on energy prices.” Walmart has seized the moment, wielding its size and influence as America’s largest food retailer to absorb fuel cost increases and keep prices competitively lower, company executives said. However, that could change in the coming months if gas continues to stay at its current high. America’s cost-of-living crisis is sending six-figure earners to discount grocery stores Shoppers are gawking at their climbing receipts as food costs continue to climb. The median price of a cold brew coffee has increased 3.7% since May 2025, while burgers have shot up 2.4%, in the same time, according to Toast. And the costs of grocery run essentials have soared; the typical price of a pound of ground beef hit a record $6.90 per pound last month, up from about 19% from a year ago. Orange juice prices skyrocketed 21% between January 2025 and February this year, and sandwich bread got 4.3% more expensive. Now, Americans are pulling back on entertainment and travel to put food on t